Fang Holdings (SFUN) Reports Q1 Loss of $0.41, Revenues Miss

Fang Holdings (NYSE: SFUN) reported Q1 EPS of ($0.41), versus $0.05 reported last year. Revenue for the quarter came in at $38.27 million versus the consensus estimate of $67.56 million.

First Quarter 2020 Highlights

• Total revenues were $38.3 million, an increase of 9.4% from $35.0 million in the corresponding period of 2019.
• Operating income from continuing operations was $2.7 million, compared to an operating loss from continuing operations of $11.8 million in the corresponding period of 2019.
• Net loss from continuing operations was $39.1 million, compared to a net income from continuing operations of $5.1 million in the corresponding period of 2019.

"During the COVID-19 global pandemic, Fang achieved positive operating income in the first quarter of 2020," commented Mr. Jian Liu, CEO of Fang. "Our leads generation services remain a strong growth contributor to our core business. For the coming quarters we look forward to continuing our focus on new initiatives such as live broadcastings, online exhibitions and VR livestreams to better service our customers."

Business Outlook

Based on current operations and market conditions, Fang's management predicts a positive net income for the year of 2020, which represents management's current and preliminary view and is subject to change.

For earnings history and earnings-related data on Fang Holdings (SFUN) click here.

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